AUDNZD becomes very interesting with its moves today. On the daily chart we can see that the divergence is probably starting to take place now. One time frame lower, and we find bullish convergence which comes right after bullish divergence. So technically buying dips is the correct decision here. This is the plan to follow:
Technical Overview:
D1 – bullish divergence, false break (only if the daily bar close as it is)
Entry:
H1 – find the entry on the H1 chart. Ideally I want to see double wave correction which completes near the small bank zone support around 1.0360-1.0340 and this is where our entry will be.
Target 1: 1.0455
Target 2: upper band of the bollinger band on daily chart
Stop Loss: if you want to be more conservative cover last low below 1.0280, if not you can
use the more recent support around 1.0310 and the stop loss below it.
Video Explanation:
Yours,
Vladimir
Why Consumer Confidence Matters in Forex Trading When analyzing the Forex market, traders often pay…
When traders study the Forex market, they often focus on economic indicators such as inflation,…
The markets are showing some fascinating technical developments this week, and there are several opportunities…
When Being Right Becomes More Important Than Making Money Every Forex trader wants to make…
Why Doesn't a Strong Economy Always Have a Strong Currency? Imagine that a country reports…
Have you ever opened your trading platform, watched the market move, and felt that you…
